Analysis of convertibles issuance for 2004 through June

Total: $31.870 billion in 220 deals through June

Amount ($ billions) Number

Regular convertibles 29.713 124

Investment bank synthetics 2.157 96

Total 31.870 220

Note: Investment bank deals are offerings issued by an investment bank and linked to or exchangeable for the stock of another company.

All data below excludes these investment bank deals (but includes investment bank offerings convertible into their own stock).

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

0%	0.829	3	2.79%
0.01%-0.99%	3.390	8	11.41%
1%-1.99%	4.192	17	14.11%
2%-2.99%	8.115	39	27.31%
3%-3.99%	3.706	24	12.47%
4%-4.99%	3.168	14	10.66%
5%-5.99%	2.015	4	6.78%
6% and higher	3.642	12	12.26%
Floater	0.655	3	2.20%
Total	29.713	124
Initial conversion premium
0%-19.99%	0.713	6	2.40%
20%-29.99%	6.726	21	22.63%
30%-39.99%	10.232	50	34.43%
40%-49.99%	7.548	32	25.40%
50%-59.99%	2.800	9	9.41%
60% and higher	1.500	3	5.05%
NA	0.194	3	0.65%
Total	29.713	124	99.97%
Quick sale?
Yes	26.585	113	89.47%
No	3.128	11	10.53%
Total	29.713	124
Upsized?
Yes	9.341	42	31.44%
No	20.372	82	68.56%
Total	29.713	124
Rank
Senior secured	0.490	1	1.65%
Senior	19.687	78	66.26%
Senior subordinated	4.285	23	14.42%
Subordinated	1.737	12	5.85%
Preferred	3.514	10	11.83%
Total	29.713	124
Putable?
Yes	19.450	91	65.47%
No	10.263	33	34.54%
Total	29.713	124
Contingent conversion?
Yes	16.498	77	55.53%
No	13.215	47	44.47%
Total	29.713	124
Mandatory?
Yes	3.039	5	10.23%
No	26.674	119	89.77%
Total	29.713	124
Greenshoe exercised?
Yes	22.374	89	75.30%
No	7.339	35	24.70%
Total	29.713	124
Versus talk
Richer	0.610	4	2.05%
Rich end	6.894	22	23.20%
Within	11.110	51	37.39%
Cheap end	7.349	23	24.73%
Cheaper	0.690	1	2.32%
Other, NA	3.060	23	10.30%
Total	29.713	124
Use of proceeds
Acquisition	2.384	7	8.02%
Capex	0.724	4	2.44%
GCP	10.191	44	34.30%
Redeem convertibles	2.748	10	9.25%
Repay/refinance debt	4.657	24	15.68%
Repay bank debt	1.999	10	6.73%
Repay bank debt plus	0.715	6	2.41%
Other	6.295	19	21.19%
Total	29.713	124
Industry sector (by SIC code)
Mining (1xxx)	3.158	7	10.63%
Oil and gas (13xx)	0.663	4	2.23%
Construction (15xx)	0.445	3	1.50%
Manufacturing (2xxx, 3xxx)	4.818	27	16.22%
Pharmaceuticals (2834-6)	4.267	16	14.36%
Transportation (4xxx)	1.074	5	3.61%
Communications (48xx)	1.471	6	4.95%
Electric, gas, sanitary services (49xx)	0.394	2	1.32%
Wholesale (5xxx)	3.043	12	10.24%
Finance, insurance, real estate (6xxx)	5.560	19	18.71%
Services (7xxx)	3.895	16	13.11%
Health services (8xxx)	0.926	7	3.12%
Total	29.713	124

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

* Offerings are included in the time period in which they price.

* Amounts are based on the total sales price (face amount multiplied by the offering price).

* Each tranche is counted as a separate deal.

* Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.

* Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

* Preferred issues are included using the same criteria as for bonds.

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